Loom Network Update: Official Airdrop March 21, 2019

At Loom Network, we believe that tokens are most useful when they are widely used to the extent practicable. In the case of accessing, managing and paying with a range of different cryptocurrencies, a wide distribution is also critically important for network security. Unfortunately, not everyone have spare time, opportunity, and technical proficiency necessary to get on the earliest moments of a token generation’s events.

In Loom Network’s case, 4% has been set aside from the total issuance, ready to be distributed by an automatic airdrop. That is, now every address on the Ethereum blockchain that has a balance over a minimum threshold of 0.1 ETH will receive a share of this 4% that is proportional to their share of ETH.

For every 1 ETH that you hold, you can receive 500 LOOM tokens as an airdrop. Existing LOOM holders will also benefit from this airdrop, for every 1 LOOM that you already have, you can receive an additional 0.3 LOOM.

My LOOM is on an exchange. How can I receive the airdrop?

Exchanges will not support the LOOM airdrop and we will not be able to airdrop the tokens to your wallet. In order to receive the LOOM airdrop you need to:

1. Have a personal Ethereum wallet (like MyEtherWallet, Parity and etc.) where you hold the actual private key.
2. Withdraw your LOOM and ETH balance from the exchange you have them on your personal wallet.
3. Enter your address, balance and follow the steps above to charge your tokens.

What is Loom Network?

Loom Network is an Ethereum-based platform built for social media and online games. The platform is open source, scalable, forkable, and performant. Full-featured blockchains called DappChains exist on Loom – in essence, these are sidechains optimised to scale data. Loom SDK is a platform which makes it possible for developers to create their own sidechains.